As a researcher with experience in the crypto industry, I have witnessed firsthand the volatile nature of the market and how certain coins can get caught up in the crossfire during bear markets. Dogecoin (DOGE) is currently facing such a situation, with more than $4 million worth of DOGE being liquidated in just 24 hours according to data from CoinGlass. This figure may seem small compared to the larger cryptocurrencies like Bitcoin (BTC), but it is significant for Dogecoin.
As the crypto market undergoes significant contraction, Dogecoin (DOGE) seems to be taking a hit in the process. According to CoinGlass statistics, Dogecoin leads among meme coins in terms of liquidations, with approximately $4 million worth of trades being forced through in the past 24 hours.
Dogecoin liquidation crossfire
In the past day, the value of Dogecoin (DOGE) liquidations reached $4.92 million, a relatively smaller amount compared to Bitcoin‘s (BTC) $90.06 million. However, this sum is still noteworthy for DOGE as it represents the liquidation of approximately 41,554,054 DOGE coins. Among these liquidations, long traders accounted for a total of $4.87 million.
The limelight shines on Dogecoin as its price falls 7.89% to hit a 24-hour low of $0.1121, marking its cheapest point over the past month. This decline represents a significant drop of over 29%.
At present, the meme coin market is experiencing a critical juncture as none of the top coins by market capitalization have shown any positive development. Even PEPE saw significant losses with over $4 million worth of liquidations. The widely anticipated boost from Shiba Inu‘s (SGHIB) surge in burn rate, believed to surpass 8,500%, did not lead to a recovery for the entire ecosystem.
As a researcher examining the meme coin market, I’ve observed that its fate is currently tied to the wider cryptocurrency market. The recent dip in Bitcoin’s price down to $58,000 has left the sector vulnerable and potentially facing significant fluctuations.
Market expectations from altcoins
As a crypto investor, I’ve noticed that despite the recent price downturn, Dogecoin and other meme coins possess a distinctive ecosystem with unique fundamentals. It’s not just about whales amassing coins or increasing trading volumes. Meme coins act as sensitive indicators for broader market volatility.
It’s anticipated that the market downturn will eventually reach its lowest point for these altcoins. Should this occur, the resurgence of meme coins could prove more noteworthy than the recovery of other altcoins.
As DOGE, PEPE, and SHIB gain popularity, their downfalls could lead to even greater comebacks.
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2024-07-04 13:13